Common use of Vessel Fair Market Value Clause in Contracts

Vessel Fair Market Value. The aggregate Fair Market Value of the Collateral Vessels shall at all times be at least 135% of the sum of (i) the then aggregate outstanding principal amount of the Facilities and (ii) the Unused Commitment under the Revolving Credit Facility; provided that, so long as any default in respect of this Section 5.04(f) is not caused by any voluntary Vessel Disposition, such default shall not constitute an Event of Default so long as within 45 days of the occurrence of such default, the Borrower shall either (i) post additional collateral satisfactory to all Lenders as set forth in Section 8.01(b), pursuant to security documentation reasonably satisfactory in form and substance to all Lenders, sufficient to cure such default (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) make such reductions of the Total Commitment in an amount sufficient to cure such default and repay the outstanding Advances (it being understood that any action taken in respect of this proviso shall only be effective to cure such default pursuant to this Section 5.04(f) to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto).

Vessel Fair Market Value. The aggregate Fair Market Value of the Collateral ollateral Vessels shall at all times be at least 135% of the sum of (i) the then aggregate outstanding principal amount of the Facilities and (ii) the Unused Commitment under the Revolving Credit FacilityFacilities; provided that, so long as any default Default in respect of this Section 5.04(f) is not caused by any voluntary Vessel Disposition, such default Default shall not constitute an Event of Default so long as within 45 days of the occurrence of such defaultDefault, the Borrower shall either (i) post additional collateral satisfactory to all Lenders as set forth in Section 8.01(b), pursuant to security documentation reasonably satisfactory in form and substance to all Lenders, sufficient to cure such default Default (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) make such reductions repay the outstanding principal balance of the Total Commitment Advances in an amount sufficient to cure such default and repay the outstanding Advances Default (it being understood that any action taken in respect of this proviso shall only be effective to cure such default Default pursuant to this Section 5.04(f) to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto)."

Vessel Fair Market Value. The (i) during the Waiver Period, the aggregate Fair Market Value of the Collateral Vessels shall at all times be at least 65% of the sum of (a) the then aggregate outstanding principal amount of the Facilities and (b) the Unused Commitment under the Revolving Credit Facility, and (ii) thereafter the aggregate Fair Market Value of the Collateral Vessels shall at all times be at least 135% of the sum of (ia) the then aggregate outstanding principal amount of the Facilities and (iib) the Unused Commitment under the Revolving Credit Facility; provided that, so long as any default Default in respect of this Section 5.04(f) is not caused by any voluntary Vessel Disposition, such default Default shall not constitute an Event of Default so long as within 45 days of the occurrence of such defaultDefault, the Borrower shall either (i) post additional collateral satisfactory to all Lenders as set forth in Section 8.01(b), pursuant to security documentation reasonably satisfactory in form and substance to all Lenders, sufficient to cure such default Default (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) make such reductions of the Total Commitment in an amount sufficient to cure such default Default and repay the outstanding Advances (it being understood that any action taken in respect of this proviso shall only be effective to cure such default Default pursuant to this Section 5.04(f) to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto)."

Vessel Fair Market Value. The (i) from and after June 30, 2011 through and including March 31, 2012, the aggregate Fair Market Value of the Collateral Vessels shall at all times be at least 105% of the then aggregate outstanding principal amount of the Facilities, (ii) from and after April 1, 2012 through and including December 31, 2012, the aggregate Fair Market Value of the Collateral Vessels shall at all times be at least 115% of the then aggregate outstanding principal amount of the Facilities, and (iii) thereafter the aggregate Fair Market Value of the Collateral Vessels shall at all times be at least 135% of the sum of (i) the then aggregate outstanding principal amount of the Facilities and (ii) the Unused Commitment under the Revolving Credit FacilityFacilities; provided that, so long as any default Default in respect of this Section 5.04(f) is not caused by any voluntary Vessel Disposition, such default Default shall not constitute an Event of Default so long as within 45 days of the occurrence of such defaultDefault, the Borrower shall either (i) post additional collateral satisfactory to all Lenders as set forth in Section 8.01(b), pursuant to security documentation reasonably satisfactory in form and substance to all Lenders, sufficient to cure such default Default (and shall at all times during such period and prior to satisfactory completion thereof, be diligently carrying out such actions) or (ii) make such reductions of repay the Total Commitment outstanding Advances in an amount sufficient to cure such default and repay the outstanding Advances Default (it being understood that any action taken in respect of this proviso shall only be effective to cure such default Default pursuant to this Section 5.04(f) to the extent that no Default or Event of Default exists hereunder immediately after giving effect thereto)."